BIBA calls for action from the new Labour Government
The British Insurance Brokers’ Association (BIBA) congratulates the new Labour Government and commits to working with it to continue to tackle BIBA Manifesto issues, highlighting how insurance brokers can help with the important matter of managing risks for people and businesses.
Focusing on Labour specific policies, BIBA has welcomed their commitment to introduce a Regulatory Innovation Office and will call on them to continue the work of the previous government to enhance regulatory scrutiny in order to deliver proportionate regulation.
BIBA is also calling for the new Government to introduce secondary legislation in relation to the Leasehold Reform Act to allow for broker commissions and fees to be deemed permitted insurance payments as they are now.
Other BIBA key priorities include increasing SME business resilience especially in respect of flood and cyber-risk, improving market capacity issues in Northern Ireland and working with the Labour Government in relation to their focus on motor insurance premiums, something BIBA has campaigned in conjunction with addressing wider cost-of-living crisis related impacts on insurance costs and the protection gap. BIBA will also seek to progress reforming the apprenticeship levy and access to EU insurance clients.
BIBA CEO, Graeme Trudgill (pictured) says: “I welcome the opportunity for BIBA to continue representing members by working and engaging with the new Government. We are well placed to forge productive relationships since bolstering our public affairs team to better invest in member representation.
“Our 2024 Manifesto is all about managing risk, increasing resilience and growth, placing the role of insurance brokers at the heart of this. We will raise the value of insurance brokers and highlight member issues and our priorities. Above all else, we look forward to showcasing the skills and expertise of the sector in finding solutions to some of the biggest risks we are facing and will face in years to come.”
Authored by BIBA
About BIBA
The British Insurance Brokers' Association (BIBA) is the UK 's leading general insurance organisation representing the interests of insurance brokers, intermediaries and their customers.
BIBA membership includes 1,700 regulated firms. BIBA brokers handle around half the value of all UK home, contents, motor, travel, commercial and industrial insurance policies. Insurance brokers make a direct and indirect contribution of 1% to UK GDP.